Weekly Mortgage Applications See Significant Rise

In a surprising turn of events, the United States witnessed a 20% increase in mortgage applications during the week ending April 5, as reported by the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey this Wednesday.

Indexes Show Promising Growth

The Market Index leaped from 243.6 to 292.3, while the Purchase Index saw an uptick from 158.2 to 172.7. Notably, the Refinance Index experienced a dramatic surge, climbing from 710.4 to 961.4.

Interest Rates Dip Slightly

Accompanying these figures, the average contract interest rate for 30-year fixed-rate mortgages saw a slight decline, moving from 6.70% down to 6.61%.